Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.50 0.21 0.02 0.01 0.06 0.06 0.06 -0.01
ETH 0.50 1.00 0.24 0.09 0.08 0.11 0.11 0.12 -0.00
XRP 0.21 0.24 1.00 0.05 0.05 0.08 0.08 0.08 -0.03
GLD 0.02 0.09 0.05 1.00 0.80 0.02 0.04 0.03 -0.41
SLV 0.01 0.08 0.05 0.80 1.00 0.19 0.21 0.20 -0.42
^DJI 0.06 0.11 0.08 0.02 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.11 0.08 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.06 0.12 0.08 0.03 0.20 0.78 0.85 1.00 -0.00
DX-Y.NYB -0.01 -0.00 -0.03 -0.41 -0.42 0.01 -0.02 -0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH ADA BNB XRP LTC LINK BCH XLM DOGE OKB ATOM XMR THETA EOS
BTC 1.00 0.50 0.66 0.41 0.21 0.28 0.43 0.55 0.42 0.10 0.50 0.49 0.66 0.49 0.51
ETH 0.50 1.00 0.75 0.41 0.24 0.47 0.52 0.63 0.42 0.22 0.50 0.57 0.70 0.51 0.59
ADA 0.66 0.75 1.00 0.38 0.62 0.69 0.50 0.65 0.73 0.27 0.41 0.56 0.65 0.44 0.69
BNB 0.41 0.41 0.38 1.00 0.31 0.41 0.33 0.35 0.32 0.09 0.50 0.38 0.39 0.22 0.42
XRP 0.21 0.24 0.62 0.31 1.00 0.27 0.38 0.44 0.55 0.19 0.40 0.41 0.52 0.39 0.46
LTC 0.28 0.47 0.69 0.41 0.27 1.00 0.41 0.59 0.43 0.04 0.50 0.54 0.65 0.49 0.53
LINK 0.43 0.52 0.50 0.33 0.38 0.41 1.00 0.38 0.42 0.20 0.35 0.49 0.43 0.39 0.46
BCH 0.55 0.63 0.65 0.35 0.44 0.59 0.38 1.00 0.40 0.21 0.45 0.53 0.57 0.45 0.57
XLM 0.42 0.42 0.73 0.32 0.55 0.43 0.42 0.40 1.00 0.32 0.36 0.49 0.54 0.42 0.44
DOGE 0.10 0.22 0.27 0.09 0.19 0.04 0.20 0.21 0.32 1.00 0.13 0.18 0.28 0.17 0.23
OKB 0.50 0.50 0.41 0.50 0.40 0.50 0.35 0.45 0.36 0.13 1.00 0.32 0.48 0.31 0.51
ATOM 0.49 0.57 0.56 0.38 0.41 0.54 0.49 0.53 0.49 0.18 0.32 1.00 0.52 0.43 0.58
XMR 0.66 0.70 0.65 0.39 0.52 0.65 0.43 0.57 0.54 0.28 0.48 0.52 1.00 0.49 0.49
THETA 0.49 0.51 0.44 0.22 0.39 0.49 0.39 0.45 0.42 0.17 0.31 0.43 0.49 1.00 0.46
EOS 0.51 0.59 0.69 0.42 0.46 0.53 0.46 0.57 0.44 0.23 0.51 0.58 0.49 0.46 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
PAXG SNT -0.14 490
LTC XAUT -0.13 250
KNC NEO -0.11 1638
OMG XTZ -0.10 1348
FTT XTZ -0.09 811
DOGE XAUT -0.08 250
BCH PAXG -0.08 490
BTT FTT -0.07 757
MKR PAXG -0.07 490
FTT LTC -0.07 811
ETH PAXG -0.07 490
DCR FTT -0.07 811
FTT ICX -0.07 811
FTT LRC -0.06 811
BTM VET -0.06 1266

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
PAXG XAUT 0.88 250
HT OKB 0.71 1027
NEO ONT 0.59 1083
ADA SNT 0.56 1249
BTM ONT 0.55 1083
BNB HT 0.54 1107
XMR ZEC 0.53 1348
KAVA XTZ 0.51 470
DASH XMR 0.51 1348
BNB OKB 0.50 1027
ATOM KAVA 0.50 470
KAVA ONT 0.49 470
BAT KAVA 0.48 470
SNT XLM 0.47 1344
ADA XLM 0.47 1249